PineBridge Investments L.P. boosted its stake in shares of DiamondRock Hospitality Co. (NYSE:DRH) by 3.8% during the second quarter, Holdings Channel reports. The fund owned 25,471 shares of the real estate investment trust’s stock after buying an additional 943 shares during the period. PineBridge Investments L.P.’s holdings in DiamondRock Hospitality were worth $230,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Genesee Valley Trust Co. increased its position in DiamondRock Hospitality by 7.3% in the second quarter. Genesee Valley Trust Co. now owns 11,102 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 755 shares during the last quarter. Hancock Holding Co. bought a new stake in shares of DiamondRock Hospitality during the first quarter valued at about $103,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of DiamondRock Hospitality during the second quarter valued at about $107,000. Boothbay Fund Management LLC boosted its stake in shares of DiamondRock Hospitality by 6.1% in the first quarter. Boothbay Fund Management LLC now owns 10,983 shares of the real estate investment trust’s stock valued at $111,000 after buying an additional 636 shares during the period. Finally, BlackRock Japan Co. Ltd boosted its stake in shares of DiamondRock Hospitality by 3.3% in the first quarter. BlackRock Japan Co. Ltd now owns 11,768 shares of the real estate investment trust’s stock valued at $119,000 after buying an additional 372 shares during the period.
DiamondRock Hospitality Co. (NYSE:DRH) opened at 9.01 on Tuesday. The firm has a market capitalization of $1.81 billion, a P/E ratio of 16.38 and a beta of 1.47. DiamondRock Hospitality Co. has a one year low of $7.28 and a one year high of $12.84. The stock’s 50 day moving average is $9.96 and its 200 day moving average is $9.52.
DiamondRock Hospitality (NYSE:DRH) last issued its quarterly earnings results on Friday, August 5th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. DiamondRock Hospitality had a return on equity of 6.24% and a net margin of 11.80%. The company had revenue of $256.66 million for the quarter, compared to analysts’ expectations of $259.26 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities research analysts predict that DiamondRock Hospitality Co. will post $1.02 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 12th. Investors of record on Friday, September 30th will be paid a $0.125 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.50 dividend on an annualized basis and a yield of 5.55%. DiamondRock Hospitality’s dividend payout ratio is 89.29%.
Several brokerages recently issued reports on DRH. Canaccord Genuity reiterated a “buy” rating and issued a $12.00 price target on shares of DiamondRock Hospitality in a research note on Tuesday, August 16th. Barclays PLC reiterated a “buy” rating and issued a $11.00 price target on shares of DiamondRock Hospitality in a research note on Thursday, August 11th. TheStreet upgraded DiamondRock Hospitality from a “hold” rating to a “buy” rating in a research note on Tuesday, July 19th. Zacks Investment Research cut DiamondRock Hospitality from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 19th. Finally, Morgan Stanley cut DiamondRock Hospitality from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $10.00 to $8.00 in a research note on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $11.09.
About DiamondRock Hospitality
DiamondRock Hospitality Company is a lodging-focused Maryland corporation operating as a real estate investment trust (REIT). The Company owns a portfolio of approximately 30 hotels and resorts throughout North America and the United States Virgin Islands that consists of over 10,925 guest rooms. Its primary business is to acquire, own, asset manage and renovate full-service hotel properties in the United States.
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